H1 2024 Life Sciences Update Market Summaries

UK: Cambridge

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Market Summary

Public & Private Funding (2024 1H)

Rent vs. Vacancy Comparison

• Occupiers are more regularly focusing searches on locations that have greater scale, allowing them to grow within a park or area. • There is a greater shift in demand toward fully fitted labs — or turnkey solutions — as it allows speed to occupation and for the capital raised to be invested into the science. • The focus around locations with large talent pools remains greater than ever. • Take-up for the first half of 2024 was 35% lower than the first half of 2023, with only one deal above 20,000 sf against four deals in the first half of 2023. • Rents are being driven upward due to the low availability of prime purpose stock and the elevated cost of development. • Pipeline supply remains constrained, with only 608,000 sf under construction, of which 53,000 sf is under offer or pre-let.

Fast Lab Stats

£90

7%

£ Raised (MM)

Company

Deal Type Completed VC Round

4.2 MSF Market Square Footage £77.00 £ Per SF 1.32% Vacancy 18.2K Total Life Sciences Employment 37.7% Life Sciences Employment 10-Year Growth Rate

£80

6%

Apollo Therapeutics Later Stage VC Jan 2024 2nd Round

£260.0

£70

Vacancy Rate

5%

Mission Therapeutics Later Stage VC Mar 2024 5th Round

£55.8

£60

4%

Biofidelity.

Later Stage VC Apr 2024 4th Round

£24.4

£50

CN-Bio

Later Stage VC Apr 2024 6th Round

£21.0

£40

3%

£30

WaveBreak

Later Stage VC Apr 2024 4th Round

£16.1

2%

£20

STORM Therapeutics Later Stage VC Jan 2024 7th Round

£13.0

1%

£10

Biosceptre

Later Stage VC Feb 2024 6th Round

£10.2

Prime Headline Asking Rent £/sf

£0

0%

EpilepsyGTX

Seed Round

Jun 2024 2nd Round

£10.0

2018

2020

2022

2024

Origin

Later Stage VC Apr 2024 5th Round

£9.8

Asking Rents

Overall Vacancy

Qureight

Later Stage VC Apr 2024 3rd Round

£8.5

* Rents adjusted to reflect occupier costs of office to lab conversion

Representative Investment Sale Transactions (2024 1H)

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Address

Type

£ MM RBA SF

Date Buyer

Company

Type

300

Chesterford Research Park (50% Interest)

Lab

Conf.

328,642 Marketing TBC

Global HQ & R&D – Cambridge Biomedical Campus

AstraZeneca

250

Illumina

UK HQ – Granta Park

200

Representative Lease Transactions (2024 1H)

Global HQ – Cambridge Biomedical Campus

Abcam

150

Company

Address

Size (SF) New/Renewal

Type

Quarter

Landlord

UK HQ – Cambridge Science Park

Amgen

100

Expression Edits

Babraham Research Campus

1,905 New

Wet Lab

Q2

Bavraham

UK R&D – Chesterford Research Park

Biofidelity

Cambridge Science Park

980 New

Wet Lab

Q2

Trinity College

Charles River

50

CS Genetics

Cambridge Science Park

7,533 New

Wet Lab

Q1

Trinity College

UK R&D – Babraham Research Campus

-

Sanofi

OTPP

Advanced Micro Devices

Cambridge Science Park

14,106 New

Dry Lab

Q1

2020 2021

2022 2023 2024

Pragmatic Semiconductor

Cambridge Science Park

12,500 New

Dry Lab

Q1

Trinity College

Howard Group

Vianautis

Unity Campus

10,825 New

Wet Lab

Q1

Welbeck Health Partners

Unity Campus

31,277 New

Wet Lab

Q1

Howard Group

Bio Degree-Awarding Institutions, Metro Area

Cambridge University

• • • • • •

NIHR Biomedical Research Centre

Wellcome Trust

Contributors

Cancer Research UK Babraham Institute

Harry Blanshard harry.blanshard@cushwake.com

Medical Research Council

Rory MacGregor rory.macgregor@cushwake.com

Sources: Cushman & Wakefield Research, CoStar, National Institutes of Health (NIH), Lightcast, Pitchbook, Federal Reserve Economic Data (FRED)

CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2024 SEPTEMBER